A Chevron Corp <CVX.N> crude oil cargo has become embroiled in U.S. sanctions on shipping companies for violating restrictions on doing business with Venezuela, the company confirmed on Friday. Adamant Maritime Ltd, owner of very large crude-oil carrier (VLCC) Seahero was sanctioned by the U.S. Department of Treasury on Tuesday for carrying a Venezuelan cargo in February. The tanker is on short-term charter and "performing a voyage that is not related to Venezuela," Chevron spokesman Ray Fohr said.

Remote working takes off big time and is becoming the new normal amid coronavirus-induced lockdown. If this trend continues even in the post-pandemic environment, then oil usage could decline for good.

The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic. Chevron has been widely seen as the standard bearer of financial discipline in the oil industry and was among the first to make significant budget cuts as oil demand plummeted. Last year, it abandoned a takeover bid for Anadarko Petroleum Corp rather than get into a bidding war with Occidental Petroleum Corp <OXY.N>.

Chevron Corporation (NYSE: CVX) today provided an overview of the company’s work to respond to the COVID-19 pandemic at its 2020 annual meeting of stockholders. This year’s meeting was virtual in place of an in-person event due to safety concerns related to the pandemic.